Run for your life ! – After the suspensions of banking services by payment giants Visa and Mastercard in Russia, which were followed by some neobanks like Revol, it’s the turn of the American investment giants. Indeed, the investment banks Goldman Sachs and JPMorgan have decided to put an end to their activities on Russian territory.
US banks also impacted by Russia sanctions
According to the media Archyde.com, European banks are the most exposed to the sanctions imposed on Russia. However, the american banks would not be outdone with a significant exposure bordering the $14.7 billion according to data from the Bank for International Settlements. The most exposed US bank on Russian territory is Citigroupwith almost $10 billion.
Citigroup has already announced that these commercial activities aimed at the general public are restricted in Russia, and that a franchise transfer plan has been put in place. Moreover, the chief financial officer declared that the losses of Citigroup might reach the half of the capital of 10 billiondue to restrictions in place in Russia.
Goldman Sachs and JPMorgan limit their activities in Russia
It should be noted that the investment banks Goldman Sachs and JPMorgan are the first American banks to have announced the gradual departure of their activities from Russian territory. Thereby, Goldman Sachs said via press release:
“Goldman Sachs is ending its operations in Russia in accordance with regulatory and licensing requirements. »
Furthermore, immediately following the invasion of Ukraine by Russia, the half of the 80 employees of Goldman Sachs located in Moscow have left the country to settle in Dubai. Some of these employees will take care of liquidating the bank’s activities in Russia, in collaboration with the employees who remained in Moscow.
Furthermore, JPMorgan followed suit and she said:
“As directed by governments around the world, we have actively unwound Russian business and have not pursued any new business in Russia. »
So far the volume of crypto purchased in Russia was on a downward trend. It will be necessary to ensure that the announcement of the shutdown of the activities of the major American banks does not reverse this trend in the coming days. Case to follow!
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